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Questions and Answers
What is the final stage of the invoice lifecycle?
What is the final stage of the invoice lifecycle?
- Draft
- Open
- Paid (correct)
- Voided
What is the purpose of voiding an invoice?
What is the purpose of voiding an invoice?
- To delete the invoice
- To edit the invoice
- To make the invoice uncollectible
- To maintain a paper trail (correct)
What is the best way to remove a draft invoice?
What is the best way to remove a draft invoice?
- Void it
- Make it uncollectible
- Pay it
- Delete it (correct)
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Study Notes
- An invoice goes through five statuses: draft, open, paid, voided, and uncollectible.
- Draft invoices are still editable, but remain unsent.
- Open invoices are the first stage of the invoice lifecycle, and the invoice is awaiting customer payment.
- Paid invoices are the final stage of the invoice lifecycle, and the invoice is ready for shipping.
- Voided invoices are conceptually similar to deleted invoices, but maintain a paper trail.
- Uncollectible invoices are invoices that are unlikely to be paid.
- You can delete a draft invoice at any time.
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